| To put it simply, many people can not pay for a house in full, so in order to get a house, they will borrow money from a lender at a certain interest rate. This loan is called a moeguagr.Foreclostre happens when the homeowners are unable to make payments on their mortgage payments on time.If you know someone who is entering foreclosure, there are several different options you have to avoid it. It’s best not to go into foreclosure as it damages your credit score quite a bit and one may even lose their home.References : I’m a mortgage loan officer. Was this answer helpful? |
